Tauranga chairman John Parker said that despite the boost from the Auckland dispute, less than a third of the increase in container freight was from Auckland and he was confident the growth momentum could be maintained.
Port of Tauranga announced a total dividend for the year of 39c. Its shares were down 0.5% at $12.18 after yesterday's announcement.
Craigs Investment Partners broker Peter McIntyre said it was a "very strong result", as anticipated, and while the outlook comment was cautious, further growth was expected at the port.
For its year to June, the listed company's revenue was up 22.5%, from $185.4 million to $227.2 million, earnings before interest tax, depreciations and amortisation rose 20.3% and after-tax profit rose 26%, from $58.4 million to $73.5 million.
Forsyth Barr broker Haley Van Leeuwen said Port of Tauranga advanced on its capital expenditure programme, spending $39 million during the year, and increased the number of trains running out of MetroPort to handle the increased volume.
"In shareholders' favour, they also increased their full year dividend to 39c per share, which is an increase of 8c from last full year," she said.
Container numbers were up 35% from 590,506 to 796,026, log exports were up 11% to 4.9 million tonnes, dairying up 126% to 1.33 million tonnesPort chief executive Mark Cairns said the company was now more confident that a $180 million capital expenditure programme during the next three years to expand port infrastructure would prepare it for the next period of growth.
The result was because of investment in six associated companies and continued growth at its MetroPort terminal in Auckland, while the 170m extension to Sulphur Pt wharves would boost berth capacity by 28%.
Freight volumes were up 88% to 2.5 million tonnes, with most additional cargo from seven new shipping services introduced during the year contributing more than 200,000 containers.
Port of Tauranga is 54.94% owned by the Bay of Plenty Regional Council through Quayside Holdings Ltd, and has been listed on the NZX for 20 years.
